Domestic spot gold with a purity of 24 carats opened at Rs 51,992 per 10 grams.Gold Price In India: Gold and silver futures traded lower on Friday, March 25, in a volatile session.
On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.31 per cent down at Rs 51,918, compared to the previous close of Rs 52078.
Silver futures, due for a May 5 delivery, were last seen 0.15 per cent lower at Rs 69,219 against the previous close of Rs 69,320.Domestic spot gold with a purity of 24 carats opened at Rs 51,992 per 10 grams today, and silver at Rs 68,864 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).Foreign Exchange Rates:Globally, gold prices were set for a third weekly gain in four, as no material progress in Russia-Ukraine peace talks supported the safe-haven metal, although a spike in U.S.
yields on fears of aggressive tightening measures dented bullion's appeal.
Spot gold was up 0.2 per cent at $1,961.99 per ounce.
U.S.
gold futures were flat at $1,963.40.Analyst View:Ravi Singh, Vice-President and Head of Research, ShareIndia: "Gold prices has inched higher after U.S.
announced a new round of sanctions on Russia in order to blunt Russia's ability to use its international reserves to prop up Russia's economy and fund its war against Ukraine.
It may continue to move towards Rs 52,500 in next trading sessions.He suggested, "Buy Zone above - Rs 52,100 for the target of Rs 52,500.
Sell Zone below - Rs 51,800 for the target of Rs 51,600."Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Market are very volatile nowadays due to the Russia-Ukraine crisis.
As per technical chart, gold and silver are now showing some strength and ready for pullback rally.
Momentum indicator RSI also cited the same in hourly as well as daily chart.
So traders are advised to create fresh buy positions near given support levels.
They should focus important technical levels given for the day: April Gold closing price Rs 52,078, Support 1 - Rs 51,900, Support 2 - Rs 51,700, Resistance 1 - Rs 52,200, Resistance 2 - Rs 52,500.
May Silver closing price Rs 69,320, Support 1 - Rs 69,000, Support 2 - Rs 68,400, Resistance 1 - Rs 69,700, Resistance 2 - Rs 70,300."